CSCEC Equation Investment Development Group Co., Ltd.

CSCEC Equation Investment Development Group Co., Ltd. (hereinafter referred to as "CSCEC Equation") is a comprehensive urban construction investment platform established in January 2014 by China State Construction Engineering Corporation (hereinafter referred to as "CSCEC"). It specializes in large-scale land development and urban operation services. Through coordination with central enterprise main businesses, local government supervision and guidance, and collaboration with financial and industrial institutions, it promotes the national strategy of new urbanization, regional coordinated development, and rural revitalization, fulfilling the economic, political, and social responsibilities of a central enterprise.

Corporate Strength
CSCEC Equation's parent company, CSCEC (stock code: 601668), is the most professional, earliest market-oriented, most integrated, and largest global investment and construction group in China. It is also the only state-owned key backbone enterprise directly managed by the central government in the construction field, and is listed in the registry of model enterprises by the State-owned Assets Supervision and Administration Commission (SASAC). CSCEC operates across domestic and overseas markets in over 100 countries and regions, with business covering investment and development (real estate development, construction financing, holding and operation), engineering construction (building and infrastructure), surveying and design, and new businesses (green construction, energy conservation and environmental protection, e-commerce). It is the world's first investment and construction enterprise to exceed two trillion yuan in annual new contracts and one trillion yuan in revenue, ranking 18th on the 2019 Fortune Global 500, and maintaining the highest credit ratings in the global construction industry from S&P, Moody's, and Fitch.

CSCEC Equation upholds the business philosophy of platform-based collaborative win-win, leveraging the parent company's most comprehensive industrial elements and high-quality business resources in the investment and construction industry. It allocates resources according to market principles and integrates high-quality domestic and international partners from finance, industry, think tanks, and consulting agencies. This has enabled it to develop a one-stop, systematic, and comprehensive urban construction capability, accumulating rich and professional experience in large-scale land development and urban operation. Currently, CSCEC Equation operates over 30 large projects in key urban agglomerations in Beijing, Shanghai, Tianjin, Nanjing, Xi'an, Zhengzhou, Urumqi, Quanzhou, and other cities along the Belt and Road. Among these, nearly 20 projects cover areas of more than one square kilometer. Notably, the Tangguwan New City Project in Binhai New Area, Tianjin, has been selected as a pilot for Tianjin's model small-town construction, receiving special fiscal awards for comprehensive energy-saving and emission reduction demonstration projects and green building three-star certification by the Ministry of Housing and Urban-Rural Development. The comprehensive renovation project of Xujiawan Area in Weiyang District, Xi'an, has been included in the second batch of PPP demonstration projects of the Ministry of Finance, becoming the first comprehensive urban construction PPP project recognized by national ministries. The Sujiatuo affordable housing project in Haidian District, Beijing, has been selected as a 2015 sustainable development planning project by the China-US Sustainable Urbanization CEO Council. The comprehensive urban development project in Gegu Town, Jinnan District, Tianjin, is the first PPP project for comprehensive urban development in Tianjin. The Binhai International New Town project in Zhengzhou Economic and Technological Development Zone and the Shuanghu Science and Technology City project in the High-tech Zone are demonstration points for new urbanization in Henan Province and demonstration areas for sponge city and smart city construction in Zhengzhou. The renovation and upgrading projects in the old city and high-tech zone of Urumqi are part of Urumqi's "No. 1 project" for improving people's livelihoods.

Development Philosophy
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 19th National Congress of the Communist Party of China, CSCEC Equation implements new development concepts, pursues high-quality development, and adheres to blueprints drawn to completion. It swiftly creates green, smart, and humanistic urban production and living environments, optimizes urban spatial patterns, and enhances the vitality and operational level of urban areas, fostering integrated development of industry, city, and people.

CSCEC Equation remains true to its original aspiration and mission, adhering to a people-centered political stance and value orientation. Focusing on ensuring education for children, learning for the young, work for the labor force, medical care for the sick, elderly care for the aged, housing for residents, and assistance for the vulnerable, it aims to enhance people's sense of gain and happiness. It integrates industrial resources in health and elderly care, culture, sports and tourism, and education and technology, organically combining livelihood needs with commercial value. It is engaged in three major business areas: old city renewal, new city development, and new town construction. It implements four business models: government procurement, PPP, integrated investment and construction, and light-asset operation. It develops five product lines: commercial and residential, medical and elderly care, cultural tourism, industrial parks, and smart cities. This effectively improves the market-oriented supply of urban development and operation, assists local governments in advancing new urbanization and integrated urban-rural development.